Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1887-12-14
THE TRIBUNE.
SUPPLEMENT.
A VERY UNIQUE MESSAGE
President Cleveland's Annual Essay
to Congress Happily and Unex-
pectedly Brief.
No Topic Is Discussed Aside from the
Question of the
Tariff.
A Reduction of the Treasury Surplus
Urged with All the Force of
Earnest Argument.
The Removal or Material Lessening
of the Duty on Wool Is Recon-
mended.
Congress Referred to the Department
Reports for an Account of Gov
eminent Operations.
A Reduction of the Treasury Surplus
Urged with All the Force of
Earnest Argument.
The Removal or Material Lessening
of the Duty on Wool Is Recon-
mended.
Congress Referred to the Department
Reports for an Account of Gov
eminent Operations.
PRESENTED BY GROVER,

The Presidents Message Devoted Exclu-
sively to the Tariff Question-A Reduction
of the Surplus Urgently Urged
To the Congress of the United States: You
are confronted at the threshold of your leg
isiative duties with a condition of the ma
tional finances which imperatively demands
immediate and careful consideration The
amount of money annually exacted, through
the operation of present laws, fro m the in
dustries and necessities of the people largely
exceeds the sum necessary to meet the ex-
penses of the government When we con-
slider that the theory of our institutions
guarantee to every citizen the full enjoy
ment of all the fruits of his industry and en-
terprise, with only such deduction as may
be his share towards the careful and econom-
ical maintenance of the government which
protects him. it is plain that the exaction of
more than this is indefensible extortion and
a culpable betrayal of American fairness and
justice. This wrong inflicted upon those
who bear the burden of national taxation,
like other wrongs. multiplies brood of evil
consequences The public treasury, which
should only exist as a conduit con-
veying the peoples tribute to it's le-
ultimate objects OF expenditure, be-
comes a boarding place for money need
lessly withdrawn from trade and the peo-
pies use, thus Gripping our national ener-
gies, suspending our countrV's develop
ment, preventing investment in productive
enterprise, threatening financial disturb
ance and inviting schemes of public plumber.
This condition of our treasury is not al to-
gether new; and it has more than once of
late been submitted TO the peoples repre-
tnfi in WI n nj
apply remedy. And vet the situation still
continues, with aggravated incidents more
than ever presaging financial CONFUSION
and widespread disaster, It will not do to
neglect this situation because its dangers are
not now palpably imminent and apparent
They exist none the less certainly, and await
the unforeseen and unexpected occasion,
when suddenly they will be precIpitated
upon us On June 80, 1885. the excess of
revenues over public expenditures after
complying with the annual requirement. of
the sinking fund act, was $17 ,859. 735. "a;
during the year ended June 80, 1885, such
excess amounted to $49. 400, 545. 20; and
during the year ended June 80, 1887, it
reached 500, 567, $40 so. The annual con-
tTibutions to -..-..
THE SINKING FUND
during the three years above specified,
sga in and the dsggessd to Ss s
calling in for that purpose out
standing 3 per cent bonds Of the govern
ment During the six months prior to June
80. 1887, the surplus revenue had grown so
large by repeated accommodations, and it was
feared the withdrawal of this great sum of
money needed by the people would SO affect
the business of the country, that $79, 1884,
100 of such surplus was applied to the pay
ment of the principal and interest of the
per cent bonds still outstanding, and which
AI,o~1 L. 49, 81,
ernment The nrecarious condition of
financial affairs among the people still need
ing relief Immediately after June go 1887,
the remainder of the 3 per cent bonds then
outstanding amounting with principal and
interest to $18.877, 800. was called in and
applied to the sinking-fund contribution for
the current fiscal year. Notwithstanding
these operations of the treasury department,
representations of distress in business cir
cles not only continued but increased, and
absolute peril seemed at hand In these cir
cumstances the contribution to the sinking
fund for the current fiscal year was at once
completed by the expenditure of $27. 6S4,-
283. 80 in the purchase of government bonds
not yet due bearing and 4 u per cent inter
est, the premium paid thereon averaging
about "a per cent for the former and
per cent for the latter. In addition
to this the interest accruing during
the current year upon the outstanding bond
ed Indebtedness of the government was to
some extent anticipated, and banks selected
as repositories of public money were per-
mitted to somewhat increase their deposits
While the expedients thus employed to re-
lease to the people the money lying idle in
the treasury served TO avert immediate dan
ger, our surplus revenues have continued to
accumulate, the excess for the present wear
amounting on Dec. / to S55, 25S, 7O1. 10,
and estimated to. reach $113, 600, 900 on
June 80 next, at which date it is expected
that this sum, added to prior accumulat.ons,
will swell the surplus in the treasury to.
$40, 100000. There seems to be no assur-
ance that. with such withdrawal from use
of the peoples circulating medium, our
business community may not in the near flu
ture be subjected to the same distress which
was quite lately produced from the same
cause. And while the functions of our ma
tional treasury should be few and simple
and while its best condition would be
reached, / believe, by it's entire dlsconnec-
ton with private business interests, vet.
when by a perversion of it's purposes, it idly
MONEY UsEEEsSLY sUBTRACTED
from the channels of trade, there seems to